Ecuadorian White Shrimp Quotes to China Rise Sharply on Opening Day of Shanghai Fisheries Expo
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On the first day of the Shanghai exhibition, CFR quotes for 30/40 semi-IQF head-on shell-on white shrimp rose by USD 0.20/kg week on week, with some suppliers raising prices by a further USD 0.30/kg; Chinese wholesale prices are temporarily stable and awaiting an increase, while domestic large-size farmgate prices are also rising.
On August 26, the Shanghai International Fisheries Expo opened, and Ecuadorian white shrimp quotes to China rose in response. Quotes at the exhibition showed that CFR (cost and freight) prices for retail-packaged head-on shell-on (HOSO) 30-40 semi-IQF white shrimp rose by USD 0.20/kg week on week, and some suppliers' quotes for the same specification were raised by up to a further USD 0.30/kg.
Salt-frozen IQF white shrimp also rose, with prices for both retail-packaged and bulk products moving higher, and larger sizes showing more pronounced increases, continuing the recent trend of tight supply of large-size shrimp.
Before the price increase, China had just restored the China export qualifications of 8 Ecuadorian shrimp plants, with the qualifications taking effect before Ecuadorian President Noboa's visit to China from August 16 to 23, clearing obstacles for Ecuadorian white shrimp to expand exports to China.
For Ecuadorian suppliers, the Shanghai exhibition is one of the most important occasions for face-to-face contact with Chinese buyers, and the new quotes displayed at the booths are a barometer of this round of price increases. Testing the market and securing new orders through the exhibition is precisely the main purpose of the Ecuadorian exhibitors' trip. "Our quotes are higher than last week, and we have already received new orders today," said the commercial manager of a large Ecuadorian supplier at the exhibition site.
Chinese importers are generally mentally prepared for the price increase, with bullish factors in the market outnumbering bearish ones. "We expected Ecuadorian suppliers to raise prices. In fact, they had already raised quotes a few days ago, and I came to the exhibition today just to confirm the latest price level," said a Chinese importer. He also revealed that China's white shrimp inventories are currently not high, which has given Ecuadorian suppliers stronger confidence to raise prices, but he did not provide specific inventory figures. With low inventories, restocking will come earlier, also leaving room for the wholesale segment to follow the increase.
The wholesale segment is temporarily holding steady. In week 35, wholesale prices of Ecuadorian white shrimp in the Chinese market were flat; according to wholesalers' quotes, prices for retail-packaged HOSO brine IQF and semi-IQF products were unchanged from last week. But the aforementioned importer judged that with such a large price increase from Ecuadorian suppliers this time, Chinese spot wholesale prices will soon follow, "spot prices will have to rise too; some wholesalers have already raised prices, and everyone is testing the market." It is only a matter of time before higher import costs are transmitted to the wholesale segment, with the key being how long the cost support from the new batch of arriving cargo can last.
Raw material prices in Ecuador are calm. After several previous weeks in which farmgate prices for whole shell-on shrimp continued to recover from historical lows, there was no new week-on-week change this week. According to industry news on August 24, market prices remain stable and are not expected to adjust further before September. With raw material prices holding steady, this round of increases in quotes to China is driven more by market sentiment and order rhythm during the exhibition window.
Domestic large-size white shrimp in China are also rising. In week 35, farmgate prices for large-size Pacific white shrimp (Litopenaeus vannamei) in China generally rose, with the market once again reporting a shortage of high-quality shrimp. In Guangdong production areas, due to weather fluctuations, shrimp diseases increased, and the volume of high-quality shrimp available for harvest decreased; in Jiangsu, greenhouse shrimp farming was affected by earlier typhoons, and the supply of high-quality shrimp was likewise limited, disrupting the harvest rhythm. Shrinking output in the two regions pushed up prices for high-quality large-size shrimp. Medium-size shrimp were less affected by the shortage; prices for 60-count/kg shrimp rose by RMB 1/kg week on week only in Guangdong and Guangxi, while prices in other provinces were flat.
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